Gold price remains firm on demand, gold futures

Karachi-Pakistan (May 13)  Yellow metal prices in international and local markets remained firm, as there was improved demand on interest of leading buyers and gold hedgers, metal traders said.

The leading gold masters remained active in manipulating Gold Futures during trading session along with keeping an eye on the future output report.

Gold closed at $1,231 an ounce with $5 an ounce upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 262 per tola and stayed at Rs 48,357 per tola while in grammage value, gold remained up by Rs 225 per ten grams to close at Rs 41,503 per ten grams, dealers said.

Physical price would hover within a difference of Rs 600 to Rs 1,000 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use, dealers said.

The gold price remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and futures on speculations.

The potential buyers in India and Pakistan remained busy in hedging.

Buyers made deals according to their immediate needs.

Local trading in gold remained dull on back of insignificant buying.

Soure: DailyTimes